Brace yourself: Americans are expected to spend more than $18 billion on Valentine's Day gifts this year, according to the National Retail Federation and Prosper Insights and Analytics Wednesday. That comes to about $137.57 per person, which covers a moderately-priced dinner, a box of chocolates and an inexpensive bottle of wine.

The estimation is actually lower than last year, when Valentine's Day spending reached $19.7 billion, or $147 per person.

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“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” NRF President and CEO Matthew Shay said Wednesday. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”

This year's survey said that consumers plan to spend around $85 on their partners or spouses, $26.59 on other family members, $6.51 on friends, $6.56 on children's teachers or classmates, $4.27 on co-workers and $4.44 on pets.